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Union of India - Act

The Joint Electricity Regulatory Commission for the State of Goa and Union Territories (Form of Annual Statement of Accounts and Records) Rules, 2016

UNION OF INDIA
India

The Joint Electricity Regulatory Commission for the State of Goa and Union Territories (Form of Annual Statement of Accounts and Records) Rules, 2016

Rule THE-JOINT-ELECTRICITY-REGULATORY-COMMISSION-FOR-THE-STATE-OF-GOA-AND-UNION-TERRITORIES-FORM-OF-ANNUAL-STATEMENT-OF-ACCOUNTS-AND-RECORDS-RULES-2016 of 2016

Published on 17 March 2016
Commenced on 17 March 2016
[This is the version of this document from 17 March 2016.]
[Note: The original publication document is not available and this content could not be verified.]

The Joint Electricity Regulatory Commission for the State of Goa and Union Territories (Form of Annual Statement of Accounts and Records) Rules, 2016Published vide Notification No. G.S.R. 316 (E), dated 17th March, 2016Ministry of PowerG.S.R. 316 (E). - Whereas the Joint Electricity Regulatory Commission for Union Territories was constituted by the Central Government by notification published in the Gazette of India, Extraordinary, Part II, section 3, subsection (ii), vide number S.O.643(E) dated the 2nd May, 2005;And whereas, after the State Government of Goa agreed to join the said Joint Commission and authorised the Central Government in this behalf under section 83 of the Electricity Act, 2003 (36 of 2003), the Central Government by notification published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (ii), vide number S.O.1271(E), dated the 30th May, 2008 has facilitated the State of Goa to join the said Joint Commission;Now, therefore, the Central Government, in exercise of powers conferred by section 104 and clause (h) of sub-section (2) of section 180 of the Electricity Act, 2003 (36 of 2003), and in consultation with the Comptroller and Auditor-General of India, hereby makes the following rules, namely:-

1. Short title and commencement.

(1)These rules may be called the Joint Electricity Regulatory Commission for the State of Goa and Union Territories (Form of Annual Statement of Accounts and Records) Rules, 2016.

(2)They shall come into force on the date of their publication in the Official Gazette.

2. Definitions.

(1)In these rules, unless the context otherwise requires, -

(a)"Accounts Officer" means an Officer responsible for maintenance of accounts and preparation of annual accounts as nominated by the Chairperson of the Joint Commission;

(b)"Act" means the Electricity Act, 2003 (36 of 2003);

(c)"Audit Officer" means the Comptroller and Auditor-General of India or any Officer appointed by him in connection with the audit of accounts of the Joint Commission;

(d)"Chairperson" means the Chairperson of the Joint Commission;

(e)"financial year" means a period not exceeding twelve calendar months commencing on the 1st day of April of a year and ending on the 31st day of March of the successive year;

(f)"Form" means a Form annexed to these rules;

(g)"Joint Commission" means the Joint Electricity Regulatory Commission for the State of Goa and Union Territories constituted under section 83 of the Act;

(h)"Member" means a Member of the Joint Commission;

(i)"Participating State" means the State of Goa;

(j)"Participating Union Territory" means any Union Territory, except Delhi;

(k)"Schedule" means the Schedule annexed to these rules;

(l)"Secretary" means the Secretary of the Joint Commission.

(2)Words and expressions used herein and not defined but defined in the Act, shall have the meanings respectively assigned to them in that Act.

3. Accounts of Commission.

(1)The Joint Commission shall prepare the annual statement of accounts for every financial year and the Secretary of the Joint Commission may authorise an Officer of the Joint Commission to prepare the account on his behalf.

(2)The Secretary of the Joint Commission shall supervise the maintenance of the accounts of the Joint Commission, the compilation of financial statement and return, and shall ensure that all accounts, books, connected vouchers and other documents and papers of the Joint Commission required by the Audit Officer for the purpose of auditing the accounts of the Joint Commission are placed at the disposal of that Officer.

(3)The Secretary of the Joint Commission shall submit the annual statement of accounts duly approved by the Joint Commission and certified by the Audit Officer, to the Central Government and the participating State Government by such date as may be specified by the Central Government.

(4)The Joint Commission shall prepare the following accounts, namely:-

(a)receipt and payment account;

(b)income and expenditure account;

(c)balance sheet.

(5)The Secretary of the Joint Commission shall be the authorised signatory to sign and authenticate the receipt and payment accounts, the income and expenditure accounts and the balance sheet.

(6)The Secretary of the Joint Commission shall also submit the annual statement of accounts to the Audit Officer on or before the 30th day of June following the year to which the accounts relate and the Audit Officer shall audit the accounts of the Joint Commission and submit his report thereon.

(7)Save as otherwise provided, the Joint Commission shall submit the statement of accounts in the Forms annexed to these rules for the period from the date of its constitution till the 31st March, 2015 to the Audit Officer within three months from the date of publication of these rules in the Official Gazette.

(8)The Joint Commission shall, on receipt of the report of the audit, correct any defect or irregularity mentioned therein and give a report to the Central Government and the Audit Officer about the action taken by it thereon.

4. Form and time of preparation of annual statement of accounts of Commission.

(1)The Joint Commission shall prepare the annual statement of accounts for every financial year which shall comprise of the following, namely:-

(i)balance sheet;

(ii)income and expenditure account;

(iii)schedules to the above financial statements;

(iv)instructions and accounting principles;

(v)notes and instructions for the Schedules; and

(vi)statement of receipts and payments.

(2)The annual statement of accounts shall be prepared as per the Forms specified in Schedule-I and Schedule-IV, in accordance with the Instructions and Accounting Principles and the Notes and Instructions specified in the Schedule-II and Schedule-III respectively, as devised by the Committee of Experts on Uniform Format of Accounts for Central autonomous bodies appointed on the recommendation of the Parliamentary Committee on Papers Laid on the Table.

(3)The annual statement of accounts shall be finalised by the Joint Commission within three months following the financial year to which the accounts relate.

5. Approval of annual statement of accounts.

(1)Within three months after the end of the financial year, the Accounts Officer shall prepare the annual statement of accounts and the Secretary shall submit the same to the Joint Commission for its approval and after the approval of the Joint Commission, the annual statement of accounts shall be forwarded to the Comptroller and Auditor-General or any other person appointed by him for audit.

(2)The accounts of the Joint Commission shall be authenticated by the Chairperson, one Member dealing with the Finance and the Secretary of the Joint Commission.

6. Preservation of records of accounts, etc.

(1)The Joint Commission shall preserve the records of balance sheet, income and expenditure accounts and receipts and payments account prepared under these rules for a minimum period of ten years.

(3)The books of accounts and other relevant records shall be kept in the office of the Joint Commission and it shall be the responsibility of the Accounts Officer to ensure that the books of accounts and other relevant records are properly maintained and securely preserved in safe custody and produced to Audit as and when required.

7. Authorised signatory.

- The balance sheet, income and expenditure accounts and receipts and payments account shall be signed by the Director (Administration) or any other Officer authorised by the Joint Commission.

I

Form A[See rule 4(2)]Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union TerritoriesBalance Sheet As At_______________________________(Amount-Rs.)

	Schedule	Current Year	Previous Year
Corpus/ Captial Fund AndLiabilitiesCorpus/Capital FundReserves and SurplusEarmarked/ Endowment FundsSecured Loans and BorrowingsUnsecured Loans and BorrowingsDeferred Credit LiabilitiesCurrent Liabilities and Provisions	1234567
Total
AssestsFixed assetsInvestments – fromearmarked/endowment fundsInvestment -othersCurrent Assets, Loans and Advances,etc.Miscellaneous expenditure (to the extent not written off oradjusted)	891011
Total
Significant accounting policiesContingent liabilities and Notes on Accounts	2425

Form B[See rule 4(2)]Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union TerritoriesIncome and Expenditure Account for The Period/year Ended ------------(Amount-Rs.)

	Schedule	Current Year	Previous Year
IncomeIncome from Sale / ServicesGrants/ SubsidiesFees/ SubscriptionsIncome from Investments (income oninvest.from earmarked/endow. fundstransferred to funds)Income from royalty, publicationetc.Interest earnedOther incomeIncrease/ (decrease) in stock of finished goods andworks-in-progress	1213141516171819
Total(A)
ExpenditureEstablishment ExpensesOther Administrative Expenses etc.Expenditure on Grants, Subsidiesetc.InterestDepreciation (net total at the year-end corresponding toSchedule 8)	20212223
Total(B)
Balance being excess of IncomeoverExpenditure (A-B)Transfer to Special Reserve(Specify each)Transfer to / from General Reserve
Balance being surplus/ (deficit) carried to corpus/capitalfund
Significant accounting policiesContingent liabilities and Notes on Accounts	2425

Form C[See rule 4(2)]Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union territories

Forming Part of Balance Sheet As At____________________

(Amount-Rs.)

	Current Year	Previous Year
Schedule 1- Corpus/CaptialFund:Balance as at the beginning of theyearAdd: Contributions towards Corpus/Capital FundAdd/(Deduct): Balance of net income/ expenditure) transferredfrom theIncome andExpenditure Account
Balance as The Year –end

Form D[See rule 4(2)]Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union territories

Forming Part of Balance Sheet as At____________________

(Amount-Rs.)

	Current Year	Previous Year
Schedule 2-Reserves andSurplus:1.Capital Reserve:As per last AccountAddition during the yearLess: Deductions during the year2.Revaluation Reserve:As per last AccountAddition during the yearLess: Deductions during the year3.Special Reserves:As per last AccountAddition during the yearLess: Deductions during the year4.General Reserve:As per last AccountAddition during the yearLess:Deductions during the year
Total

Form E[See rule 4(2)]Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union territories

Forming Part of Balance Sheet as At____________________

(Amount - R.)

	Fund –wise Break UP Totals	Totals
Fund WW	Fund XX	Fund YY	Fund ZZ	Current Year	Previous Year
Schedule3-Earmarked/endowment Funds(a) Opening balance of the funds(b) Additions to the funds:i. Donations/grantsii. Income from investments made onaccount of fundsiii. Other additions (specify nature)
Total (a+b)
(c) Utilization/Expendituretowards objectives of fundsi. Capital Expenditure- fixed assets- othersTotalii. Revenue Expenditure- salaries, wages and allowancesetc.- rent- other administrative expensesTotal
Total (c)
Net Balance as at The Year –end (a+ b-c)
Notes: (1) Disclosures shall bemade under relevant heads based on conditions attaching to thegrant.(2) Plan Funds received from the Central/State Governments areto be shown as separate funds and not to be mixed up with anyother funds.

Form F[See rule 4(2)]Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union territories

Forming Part of Balance Sheet as at____________________

(Amount - Rs.)

	Current Year	Previous Year
Schedule 4 – SecuredLoans and Borrowings:1. Central Government2. State Government (specify)3. Financial Institutions(a) Term Loans(b) Interest accrued and due4. Banks:(a) Term Loans- Interest accrued and due(b) Other Loans (specify)- Interest accrued and due5. Other Institutions and Agencies6. Debentures and Bonds7. Others (specify)
Total
Note: Amounts due within one year

Form G[See rule 4(2)]Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union territories

Forming Part of Balance Sheet as at____________________

(Amount - Rs.)

	Current Year	Previous Year
Schedules 5-Unsecured Loansand Borrowings1. Central Government2. State Government (specify)3. Financial institutions4. Banks:(a) term loans(b) other loans (specify)5. Other institutions and agencies6. Debentures and bonds7. Fixed deposits8. Other(specify)
Total
Note: Amounts due within one year

Form H[See rule 4(2)]Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union territories

Forming Part of Balance Sheet as At____________________

(Amount - Rs.)

	Current Year	Previous Year
Schedule 6- Deferred CreditLiabilities:(a) Acceptances secured by hypothecation of capital equipment andother assets(b) Others
Total
Note: Amounts due within one year

Form I[See rule 4(2)]Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union territories

Forming Part of Balance Sheet as At____________________

(Amount - Rs.)

	Current Year	Previous Year
Schedules 7-CurrentLiabilities And ProvisionsA.Current Liabilities1. Acceptances2. Sundry creditors:(a) For Goods(b) Others3. Advances received4. Interest accrued but not due on:(a) Secured loans/borrowings(b) Unsecured loans/borrowings5. Statutory Liabilities:(a) Overdue(b) Others6. Othercurrent liabilities
Total (A)
B.Provisions1. For taxation2. Gratuity3. Superannuation/pension4. Accumulated leave encashment5. Trade warranties/claims6. Others(specify)
Total (B)
Total (A+B)

Form J[See rule 4(2)]Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union Territories

Forming Part of Balance Sheet as At____________________

(Amount - Rs.)

Schedule 8 – Fixed Assests
Description	Gross Block	Depreciation	Net Block
Cost/Valuation as at the beginning of the year	Additions during the year	Deductions during the year	Cost/ Valuation at the year end	As at the beginning of the year	On Additions During the year	On deductions during the year	Total up to the year end	As at the current year end	As at the previous year end
1. Land(a) Freehold(b) Leasehold2. Buildings:(a) On Freehold Land(b) On leasehold land(c) Ownership flats/premises(d)superstruc tures on land notbelonging to the entity3. Plant, machinery and equipment4. Vehicles5. Furniture and fixturesa. Office equipmentb. Computer peripheralsc. Electric installationsd. Library bookse. Tube wells and water supply6. Other fixed assets
Total of current year
Previous year
B. Capital Wori-In-Progress
Total
(Note to be given as to cost of assets on hire purchasebasis included above)

Form K[See rule 4(2)]Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union Territories

Forming Part of Balance Sheet as At____________________

(Amount - Rs.)

	Current Year	Previous Year
Schedule 9- Investments FromEarmarked/endowment Funds1. In Government securities2. Other approved securities3. Shares4. Debentures and bonds5. Subsidiaries and joint Ventures6. Others(to be specified)
Total

Form L[See rule 4(2)]Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union Territories

Forming Part of Balance Sheet as At____________________

(Amount - Rs.)

	Current Year	Previous Year
Schedule 10- Investments - Others1. In Government securities2. Other approved securities3. Shares4. Debentures and bonds5. Subsidiaries and joint Ventures6. Others(to be specified)
Total

Form M[See rule 4(2)]Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union Territories

Forming Part of Balance Sheet as At____________________

(Amount - Rs.)

	Current Year	Previous Year
Schedule 11- Current Assets,Loans, and Advances Etc.A. Current Assets:1.Inventories:(a) Stores and Spares(b) Loose Tools(c) Stock–in-tradeFinished GoodsWork-in-ProgressRaw Materials2.Sundry Debtors:(a) Debts Outstanding for a periodexceeding six months(b) Others3.Cash balances in hand(including cheques/drafts and imprest)4.Bank Balances:(a)With Scheduled Banks:-On Current Accounts-On Deposit Account (includesmargin money)-On Saving Accounts(b)With non-Scheduled Banks:-On Current Accounts-On Deposit Accounts-On Saving Accounts5.Post Office – Saving Accounts
Total(A)
B.Loans, Advances and OtherAssets1. Loans:(a) Staff(b) Other entities engaged inactivities/ objectives similar to that of the Entity(c) Other (specify)2.Advances and other amountsrecoverable in cash or in kind or for value to be received:(a) On Capital Account(b) Prepayments(c) Others3.Income Accrued:(a) On Investments fromEarmarked/Endowment Funds(b) On Investments – Others(c) On Loans and Advances(d) Others (includes income dueunrealized- Rs…)4.Claims Receivable
Total (B)
Total (A+B)

Form N[See rule 4(2)]Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union Territories

Forming Part of Income and Expenditure for The Period/year Ended -----

-----------------

(Amount - Rs.)

	Current Year	Previous Year
Schedule 12- Income FromSales/services(1) Income from Sales(a) Sale of finished goods(b) Sale of raw material(c) Sale of scraps(2) Income from Services(a) Labour and processing charges(b) Professional/consultancy services(c) Agency commission and brokerage(d) Maintenance services (equipment/property)(e) Others(specify)
Total

Form O[See rule 4(2)]Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union Territories

Forming Part of Income and Expenditure for The Period/year Ended -----

-----------------

(Amount - Rs.)

	Current year	Previous year
Schedule 13- Grants/subsidies(Irrevocable grants & subsidiesreceived)(1) Central Government(2) State Government(s)(3) Government agencies(4) Institutions/ welfare bodies(5) International organizations(6) Others (specify)
Total

Form P[See rule 4(2)]Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union Territories

Forming Part of Income and Expenditure for The Period/year Ended -----

-----------------

(Amount - Rs)

	Current year	Previous year
Schedule 14-Fees/subcriptions(1) Entrance fees(2) Annual fees/subscriptions(3) Seminar/program fees(4) Consultancy Fees(5) Others(specify)
Total
Note– Accounting policies towards each item areto be disclosed

Form Q[See rule 4(2)]Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union Territories

Forming Part of Income and Expenditure for The Period/year Ended -----

-----------------

(Amount - Rs)

	Current Year	Previous Year
Schedule 15- Income FromInvestments(Income on Invest. fromearmarked/endowment funds transferred to funds)(1)Interest(a) On Government securities(b) Other bonds/debentures(2)Dividends:(a) On shares(b) On mutual fund securities(3)Rents(4) Others(specify)
Total
Transferred To Earmarked/endowment Funds

Form R[See rule 4(2)]Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union Territories

Forming Part of Income and Expenditure for The Period/year Ended -----

-----------------

(Amount - Rs)

	Current Year	Previous Year
Schedule 16- Income FromRoyalty, Publicatio Etc.(1) Income from royalty(2) Income from publications(3) Others(specify)
Total

Form S[See rule 4(2)]Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union Territories

Forming Part of Income and Expenditure for The Period/year Ended -----

-----------------

(Amount - Rs.)

	Current Year	Previous Year
Schedule 17- Interest Earned(1)On Term Deposits:(a) With scheduled banks(b) With non-scheduled banks(c) With institutions(d) Others(2)On Savings Accounts:(a) With scheduled banks(b) With non-scheduled banks(c) Post Office savings accounts(d) Others(3)On Loans:(a) Employees/ staff(b) Others(4)Interest on Debtors and Other Receivables
Total
Note– Tax deducted at source to beindicated

Form T[See rule 4(2)]Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union Territories

Forming Part Of Income and Expenditure for The Period/year Ended -----

-----------------

(Amount - Rs.)

	Current Year	Previous Year
Schedule 18- Other Income(1)Profit on Sale/disposalof Assets:(a) Owned assets:(b) Assets acquired out of grants, or received free of cost(2) Export incentives realized(3) Fees for miscellaneous service(4) Miscellaneous income
Total

Form U[See rule 4(2)]Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union Territories

Forming Part of Income and Expenditure for The Period/year

Ended ----------------------

(Amount - Rs.)

	Current Year	Previous Year
Schedule 19-Increase/(Decrease) In Stock Of Finished Goods &Work InProgress(a) Closing stock- Finished goods- Work-in--progress(b) Less: Opening stock- Finished goods-Work-in-progress
Net Increase /(Decrease) [a-b]

Form V[See rule 4(2)]Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union Territories

Forming Part of Income and Expenditure for The Period/year Ended -----

-----------------

(Amount - Rs.)

	Current Year	Previous Year
Schedule 20- EstablishmentExpenses(a) Salaries and wages(b) Allowances and bonus(c) Contribution to provident fund(d) Contribution to other fund(specify)(e) Staff welfare expenses(f) Expenses on employees’retirement and terminal benefits(g) Others (specify)
Total

Form W[See rule 4(2)]Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union Territories

Forming Part of Income and Expenditure for The Period/year Ended -----

-----------------

(Amount - Rs.)

Schedule 21- OtherAdministrative Expenses Etc.(a) Purchases(b) Labour and processing expenses(c) Cartage and carriage inwards(d) Electricity and power(e) Water charges(f) Insurance(g) Repairs and maintenance(h) Excise duty(i) Rent, rates and taxes(j) Vehicles running andmaintenance(k) Postage, telephone andcommunication charges(l) Printing and stationary(m) Traveling and conveyanceexpenses(n) Expenses on seminar/ workshops(o) Subscription expenses(p) Expenses on fees(q) Auditors remuneration(r) Hospitality expenses(s) Professional charges(t) Provision for bad and doubtfuldebts/advances(u) Irrecoverable balances writtenoff(v) Packing charges(w) Freight and forwarding expenses(x) Distribution expenses(y) Advertisement and publicity(z) Others (specify)
Total

Form X[See rule 4(2)]Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union Territories

Forming Part of Income and Expenditure for The Period/year E

Nded ----------------------

(Amount - Rs.)

Schedule 22- Expenditure OnGrants, Subsidies Etc.(a) Grants given to institutions/organizations(b) Subsides given to institutions/organizations	Current Year	Previous Year
Total
Note- Name of the entities, their activitiesalong with the amount of grants/subsides are to be disclosed

Form Y[See rule 4(2)]Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union Territories

Forming Part of Income and Expenditure for The Period/year Ended -----

-----------------

(Amount - Rs.)

	Current Year	Previous Year
Schedule 23- Interest(a) On fixed loans(b) On other loans (including bankcharges)(c) Others (specify)
Total

Form Z[See rule 4(2)]Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union Territories

Forming Part of The Accounts for The Period/year Ended_________________

24-Significant Accounting Policies (Illustrative)

1. Accounting Convention

The financial statements are prepared on the basis of historical cost convention, unless otherwise stated and on the accrual method of accounting.

2. Inventory Valuation

2.1Stores and Spares (including machinery spares) are valued at cost.

2.2Raw materials, semi-finished goods and finished goods are valued at lower of cost and net realizable value. The costs are based on weighted average cost. Cost of finished goods and semi- finished goods is determined by considering material, labour and related overheads.

3. Investiments

3.1Investments classified, as "long term investments" are carried at cost. Provision for decline, other than temporary, is made in carrying cost of such investments.

3.2Investments classified as "Current" are carried at lower of cost and fair value. Provision for shortfall on the value of such investments is made for each investment considered individually and not on a global basis.

3.3Cost includes acquisition expenses like brokerage, transfer stamps.

4. Excise Duty. - Liability for excise duty in respect of goods produces by the entity, other than for exports, is accounted upon competition of manufacture and provision is made for excisable manufactured goods at the year-end.

5. Fixed Assests

5.1Fixed Assets are stated at cost of acquisition inclusive of inward freight, duties and taxes and incidental and direct expenses related to acquisition. In respect of projects involving construction, related pre-operational expenses (including interest on loans for specific project prior to its completion), form part of the value of the assets capitalized

5.2Fixed Assets received by way of non-monetary grants, (other than towards the Corpus Fund), are capitalized at values stated, by corresponding credit to Capital Reserve.

6. Depreciation

6.1Depreciation is provided on straight-line method as per rates specified in the Income tax Act, 1961 except depreciation on cost adjustments arising on account of conversion of foreign currency liability for acquisition of fixed assets, which is amortized over the residual life of the respective assets

6.2In respect of additions to /deductions from fixed assets during the year, depreciation is considered on pro-rata basis.

6.3Assets costing Rs. 5,000 or less each are fully provided.

7. Miscellaneous Expenditure. - Deferred revenue expenditure is written off over a period of 5 years from the year it is incurred.

8. Accounting for Sales. - Sales include excise duty and are net of sales returns, rebate and trade discount.

9. Government Grant/subsidies

9.1Government grants of the nature of contribution towards capital cost of setting up projects are treated as Capital Reserve.

9.2Grants in respect of specific fixed assets acquired are shown as a deduction from the cost of the related assess.

9.3Government grants/subsidy are accounted on realization basis.

10. Foreign Currency Transactions

10.1Transactions denominated in foreign currency are accounted at the exchange rate prevailing at the date of the transaction.

10.2Current assets, foreign currency loans and current liabilities are converted at the exchange rate prevailing at the year-end and the resultant gain/loss is adjusted to cost of fixed assets, if the foreign currency liability relates to fixed assets, and in other cases is considered to revenue.

11. Lease. - Lease rentals are expensed with reference to lease terms.

12. Retirement Benefits

12.1Liability towards gratuity payable on death/retirement of employees is accrued based on actuarial valuation.

12.2Provisions for accumulated leave encashment benefit to the employees is accrued and computed on the assumption that employees are entitled to receive the benefit as at each year endForm AA[See rule 4(2)]Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union Territories

Forming Part of The Accounts for The Period/year Ended_________________

25- Contingent Liabilities and notes on Accounts (Illustrative)

1. Contigent Liabilities

1.1Claims against the Entity not acknowledged as debts - Rs. ___________ (Previous year Rs.)__________).

1.2In respect of:- Bank guarantees given by/on behalf of the Entity - Rs. _________(Previous year Rs. _________).- Letters of Credit opened by Bank on behalf of the Entity -Rs ___________(Previous year Rs. ___________).- Bills discounted with banks Rs. ________ (Previous year Rs.__________).

1.3Disputed demands in respect of:Income tax Rs.___________ (Previous year Rs. ___________).Sales tax Rs.___________ (Previous year Rs. ___________).Municipal Taxes Rs.___________ (Previous year Rs. ___________).

1.4In respect of claims from parties for non-execution of orders, but contested by the Entity - Rs. ________ (Previous year Rs.__________).

2. Capital Commitments. - Estimated value of contracts remaining to be executed on capital account and not provided for (net of advances) Rs. (Previous year Rs.__).

3. Lease Obligations. - Future obligations for rental under finance lease arrangements for plant and machinery amount to Rs. (Previous year Rs.__).

4. Current Assets, Loans and Advances. - In the opinion of the Management, the current assets, loans and advances have a value on realization in the ordinary course of business, equal authorities least to the aggregate amount shown in the Balance Sheet.

5. Taxation. - In view of there being no taxable income under Income-tax Act 1961, no provision for Income tax has been considered necessary.

6. Foreign Currency Transactions

6.1Value of Imports Calculated on C.I.F Basis:- Purchase of finished goods- Raw, materials &components (including in transit)- Capital goods- Stores, spares and consumables

6.2Expenditure in Foreign currency:

(a)Travel

(b)Remittances and interest payment to financial institutions/ banks in foreign currency

(c)Other expenditure

- Commission on sales- Legal and professional expenses- Miscellaneous expenses

6.3Earnings:Value of Exports on FOB basis

6.4Remuneration to auditors:As Auditors- Taxation matters- For management services- For certification- Others

7. Corresponding figures for the previous year have been regrouped/rearranged, wherever necessary.

8. Schedules 1 to 25 are annexed to and form an integral part of the Balance Sheet as at ____________ and the Income and Expenditure Account for the year ended on that date.

II

Instructions and Accounting Principles[See rule 4(2)]Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union Territories

(1)The financial statements of non-profit and other similar organizations (viz., Balance Sheet and Income and Expenditure Account) shall be prepared on accrual basis; shall be in the form suggested, or as near thereto as possible.If the information required to be given under any of the items or sub-items in this Form cannot be conveniently included in the Balance Sheet or the Income and Expenditure Account itself, as the case may be, it can be furnished in a separate Schedule or Schedules to be annexed to and forming part of the Balance Sheet or The Income and Expenditure Account. This is recommended where items are numerous.

(2)A statement of all significant accounting policies adopted in the preparation of the Balance Sheet and the Income and Expenditure Account shall be included in the financial statements, and the significant Accounting Policies should be disclosed at one place. Accounting Policies refer to the specific accounting principles and the method of applying those principles adopted by the Entity in the preparation of the financial Statements. Where any of the accounting policies is not in conformity with accounting standards, and the effect of departures from accounting standards is material, the particulars of the departure shall be disclosed, together with the reasons there for and the financial effect thereof, except where such effect is not ascertainable.

(3)Accounting policies shall be applied consistently from one financial year to the next. Any change in the accounting policies which has a material effect in the Current period or which is reasonably expected to have a material effect in latter periods shall be disclosed. In case of a change in accounting policies, which has a material effect in the current period, the amount by which any item in the financial statements is affected by such change shall also be disclosed to the extent ascertainable. Where such amount is not ascertainable, wholly or in part, the fact shall be disclosed.

(4)The accounting treatment and presentation in the Balance Sheet and the Income and Expenditure Account, of transactions and events shall be governed by their substance and not merely by the legal form.

(5)In determining the accounting treatment and manner of disclosure of an item in the Balance Sheet and/ or the Income and Expenditure Account, due consideration shall be given to the concept of materiality.

(6)Provision shall be made for all known liabilities and losses even though the amount cannot be determined with substantial accuracy (and the amount of provision represents only a best estimate in the light of available information).'Provision' means any amount written off or retained by way of providing for (deprecation, renewals or diminution in value of assets, or retained by way of providing for any known liability, the amount of which cannot be determined with substantial accuracy.Provision shall be made for contingent loss if:

(a)It is probable that future events will confirm that, after taking into account any related probable recovery, an asset has been impaired or liability has been incurred at the balance sheet date, and

(b)A reasonable estimate of the amount of the resulting loss can be made.

If either of the above conditions is not met, the existence of the contingent loss shall be disclosed by way of a note to the Income and Expenditure account, unless the possibility of the loss is remote.

(7)Where any amount written off or retained by way of providing for depreciation, renewals or diminution in the value of assets or retained by way of providing for any known liability is in excess of the amount, which is considered reasonably necessary for the purpose, the excess shall be treated as a reserve and not as a provision.

(8)Revenue shall not be recognized unless:

(a)The related performance has been achieved;

(b)No significant uncertainty exists regarding the amount of the consideration; and

(c)It is not unreasonable to expect realization and ultimate collection.

(9)Separate disclosure shall be made in the Income and Expenditure Account in respect of:

(a)"Prior Period" items, which comprise material items of income or expenses which arise in the current period as a result of errors or omissions in the preparation of the financial statements of one or more prior periods.

(b)"Extra-ordinary" items, which are material items of income or expenses, that arises from events or transactions that are clearly distinct from the ordinary activities of the entity and, therefore, are not expected to recur frequently or regularly.

(c)Any item under the head Miscellaneous Income" which exceeds 1 percent of the total turnover/gross income of entity or Rs. 50,000/-, whichever is higher. This shall be shown against an appropriate account head in the Income and Expenditure Account.

(d)Any item under the head "Miscellaneous Expenses " which exceeds' 1 percent of the total turnover/gross income of entity or Rs. 50,000/- whichever is higher. This shall be shown as a separate and distinct item against an appropriable head in the Income and Expenditure account.

(10)The Schedules referred to in the form, the accounting policies and explanatory notes shall form an integral part of the financial statements.

(11)Notes to the Balance Sheet and Income and Expenditure Account shall contain the explanatory material pertaining to the items in the Balance Sheet and the Income and Expenditure Account.

(12)The figures in the Balance Sheet and the Income and Expenditure Account, if rounded off, shall be rounded off as below:

Amount of turnover (in Rs.)	Rounding off to (Rs.)
Less than One lakh	Hundred
One lakh or more but less than one crore	Thousand
One crore or more but less than one hundred crore	Lakh
One hundred or more but less than one thousand crore	Crore

(13)Reference may also be made to the enclosed Notes and Instructions for compilation in relating to in the formats Suggested.

III

Notes and Instructions[See rule 4(2)]Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union TerritoriesCorpus/capital Fund And Liabilities

1- Corpus/capital Fund

(a)Corpus/Capital Fund is akin to Capital, Share Capital or Owner's Funds. It comprises amounts received by way of contributions specifically to the Corpus, as increased/decreased by the net operating results shown in the Income and Expenditure Account (other than surplus, if any, transferred to any Reserves or Earmarked Funds).

(b)The Opening Balance, Additions to, Deductions from and the Closing Balance of the Corpus/ Capital Fund shall be shown under this head.

(c)Additions to the Corpus Fund shall be net of transfers, if any, to any Reserve or Earmarked Fund required under statute or as per applicable Regulations.

2- Reserves And Surplus

1. Capital Reserves:* Opening balanceAdditions during the year Deductions during the year	The expression ‘capital reserves’ shall notinclude any amount regarded as free for distribution through theIncome and Expenditure Account. Surplus on revaluation should betreated as Capital Reserves and shown separately. Surplus ontranslation of financial statements of foreign branches, if any,is no revaluation reserve.
2. Revaluation Reserve:* Opening balanceAdditions during the year Deductions during the year	To reflect effects of changing prices, fixed assets otherwisestated at historical cost substituted by a revaluation, normallydone by competent valuers. Such substitution resulting in anupward revaluation is required to be shown as a "RevaluationReserve". This reserve is an unrealized gain and should notbe credited as income in the income and Expenditure Account.
3. Special Reserves (S):* Opening balanceAdditions during the year Deductions during the year	These would comprise Special reverse requires to be createpursuant to any statutory or regulatory requirement applicable tothe entity; and if so, should be clarified in the Notes onAccounts in Schedule 27.
4. General Reserve:* Opening balanceAdditions during the year Deductions during the year	The expression ‘General Reserve’ shall mean anyreserve other than capital reserve and revaluation reserve. Thisitem will include all reserves, other than those separatelyclassified.

Notes General

(a)Movements in various categories of reserves should be shown as indicated in the schedule.

(b)The expression 'reserve' shall not include any amount written off or retained by way of providing for deprecation, renewals or diminution in value of assets or Retained by way of providing for any known liability.

3-Earmarked/endowment Funds. - Amounts received as grants or assistance, or retained by the entity to be utilized for specific or earmarked purposes and remaining to be expended/utilized for the specific purpose for which these are intended, are required to be disclosed under this head. Such funds may be received in cash or kind from Government, Govt. agencies, institutions and other agencies etc. and are subject to compliance by the entity, of certain stipulated terms and conditions. For this reason, the balances available and their utilization should be disclosed in the manner suggested in the Schedule. The plan Funds received from the Central and /or State Governments are to be shown as distinct category of Fund.

Other plan funds earmarked/endowed for any chair, house, building, Trust etc. are to be shown as distinct category of Fund.The following shall not be reckoned as part of Earmarked Funds:

(a)Grants/funds, which have the characteristics of promoters' contribution, which are of the nature of additions/accretion to the Corpus Fund:

(b)Funds/grants received by the Entity as compensation for expenditure/losses incurred in the earlier years, as these would be reckoned only in the Income and Expenditure Account for the year.

(c)Non-monetary grants by way of capital assets or other resources, corresponding credit of which is of the nature of capital reserve, unless such grants are specified as irrevocable contribution to the Corpus.

Notes-General

(a)It is appropriate to ensure that the accretions to and utilization of earmarked funds is in accordance with the terms and conditions attaching to the same.

(b)Earmarked Funds, considering their nature, are represented by specifically earmarked investments or other assets.

(c)Plan Funds received from the Central/State Governments are to be shown as separate Funds and not to be mixed up with any other Funds.

(d)Records relating to fixed assets acquired/constructed should be maintained for each earmarked fund. However, for the purpose of the annual financial statements disclosure may be made of the aggregate accumulated cost up to each year and of such fixed assets in respect of each fund, unless the assets are taken over and are incorporated in Schedule 8.

4 -secured Loans And Borrowings

1. Central Government	Indicate the nature of security and terms of repayment.Indicate the name of State Govt. and nature of security and termsof repayment.
2. State Government
3. Financial Institutions	Includes borrowings/refinance obtained from IndustrialDevelopment Bank of India, Export-Import Bank of India, NationalBank for Agriculture and Rural Development (including liabilityagainst participation certificates, if any.) Normally these maybe in the form of Term Loans.
4. Banks	Includes borrowings/refinance obtained from commercial banks(including co-operative banks).Term Loans need to be segregatedfrom other facilities.
(a) TermsLoans
(b) OtherLoans
5. Other institutions & agencies	Includes institutions/agencies other those mentioned above.
6. Debentures and Bonds	The terms of redemption of debentures and bonds should bestated with the earliest date of their redemption.

Notes - General

(a)Information shall be given in each case as regards the nature of security given.

(b)Secured loans and borrowings shall be such as are against hypothecation/pledge/charge on the assets of the entity.

(c)The Aggregate amount of loans under each head, as are guaranteed by the Central/State Govt. may also be mentioned along with the fact that these are so guaranteed.

(d)Loans and borrowings include refinance from Institutions and agencies liability against participation certificates.

(e)Amounts received by way of discount of debtors or receivables or rediscount of bills, shall not be included under this head, but shall be shown as borrowings.

(f)Interest accrued and due shall be included under sub-head. Interest accrued but not due shall not be included under this head, but shall be shown as part of Current Liabilities'.

(g)Unrecognized Inter-branch outstanding entries at credit should not be shown as borrowings.

(h)Amounts due within a period of less than 12 months as at the Balance Sheet date need to be disclosed.

5 -unsecured Loans And Borrowings

1. Central Government	Indicate the terms of repayment.
2. State Governments (s)	Indicate name of the State Government and the terms ofrepayment.
3. Financial Institutions	Includes borrowings obtained from Industrial Bank of India.Export-Import Bank of India, National Bank for Agriculture andRural Development.Normally these may be in the form of TermLoans. Pending creation of a charge on assets, bridge loans maybe given as ‘unsecured’ loans.
4. Banks	Includes borrowings obtained from Commercial Banks (includingCooperative Banks).Indicate the nature offacilities.Overdrawn balances as per books do not constituteloans and generally arise due to cheques issued in excess of bookbalances such balances can be shown as loans only where theEntity enjoys or is granted overdraft facility.
5. Other institutions and agencies	Includes Loans from Institutions/Agencies other than thosementioned above.
6. Debentures and Bonds	The terms of redemption of Debenture and Bonds should bestated with the earliest date of their redemption.
7. Fixed Deposits	These comprise deposits received from Public or otherwise forfixed periods and against no security.

Notes- General

(a)Unsecured loans and borrowings comprise amounts in respect of which no assets of the entity is charged as security or encumbered.

(b)Interest accrued and due shall be included under each sub-head. Interest accrued but not due shall not be included under this head, but shall be shown as part of Current Liabilities.

(c)Amount due within a period of less than 12 months as at the Balance Sheet date need to be disclosed.

6 - deffered Credit Liabilities

(1)Acceptances and other similar long-term obligations contracted in respect of acquisition of assets, the liability for payment of which falls in periods longer than 12 months as at date of the Balance Sheet should be included here.

(2)If the assets are charged as security or encumbered corresponding to the liability, this fact should be stated.

(3)If the acceptances are also guaranteed for repayment by the Government, any Govt. Agency, Bank, Institution or other body/entity, this fact should also be stated.

(4)Amounts due within one year of the date of the Balance Sheet need to be separately disclosed.

7 - current Liabilities and Provisions

A. Current Liabilities

1. Acceptances	Included under this sub-head would be the drawer’sassent on bills of exchange to the order of the drawer.
2. Sundry Creditors(a) For Goods(b) Others	The amounts to be shown against this sub-head shall compriseamounts owed by the entity in favour of others on account ofgoods purchased or services rendered or in respect of contractualobligations. These need to be segregated for goods and shownseparately.
3. Advances Received	The liability against this sub-head shall comprise amountsreceived in respect of which goods or services have yet to besupplied/rendered or for which value has yet to be given, andincludes advance subscriptions.
4. Interest accrued but not due(a) SecuredLoans/Borrowings(b) Unsecured Loans/Borrowings	Includes interest accrued up to the year- end but not due onsecured/unsecured loans and borrowings.
5. Statutory Liabilities(a) Overdue(b) Others	These comprise liabilities in terms of the Central/State lawsgoverning the Entity; and include unpaid liability for taxdeducted at source under the Income Tax Act, 1961,statutorybonus, provident fund, pension, gratuity, ESI, interest to SSIUnits on their overdue, sales tax, excise, customs duty, andother statutory levies.
	Overdue liabilities are undisputed amounts which are due andremain unpaid beyond the normal due date/stipulated period i.ethose are in default.

Notes-General. - A Current Liability is one, which falls due for payment within a relatively short period, normally not more than 12 months.B. Provisions

1. For Taxation	Provisions needs to be made and retained based on the statusof tax matters as at the year –end.
2. Gratuity	Provisions for liability towards gratuity payable ondeath/retirement of employees needs to be accrued on actuarialbasis, and provided up to the year-end.
3. Superannuation/Pension	Provision for liability payable towards superannuation ofemployees needs to be actuarial basis, and provided upto theyear-end.
4. Accumulated Leave	Provisions for liability towards accumulated leave encashmentof employees needs to be accrued on actuarial basis, and providedupto the year-end
5. Trade Warranties/Claims	Where the entity is manufacturing/processing goods for sale,it may be liable to trade warranty risks, which needs to beprovided for on a reasonable/rational basis
6. Others:	These need to be specified, and shall not include provisionfor doubtful debts/advances, which shall be reduced from therelevant asset heads.

Notes-General. - Provisions is an amount written off or retained by way of providing for depreciation or diminution in the value assets, or retained by way of providing for a known liability, the amount of which cannot be determined with substantial accuracy.Assets

8 - Fixed Assets:

1 Land(a) Freehold(b) Leasehold	Where immovable properties arepurchased/acquired by paying a composite cost, areasonable/reliable estimate should be made of the land cost andshown separately.Leasehold land should be amortized over the period of leaseunless the lease is in perpetuity.
2 Buildings(a) On freehold land(b) On leasehold land(c) Ownership Flats/ Premises(d) Superstructures on Land not belonging to the Entity	As far as practicable, distinctionmay be made between factory and office buildings for purposes ofprovision for depreciation at different rates.Building/premises shall be thosewhich are intended to be wholly/partly used for the purposes ofthe activities of the Entity and would not include "InvestmentProperties".Superstructures on leasehold landsshould be depreciated to be co-terminus with the amortisation ofland, unless the superstructures have a shorter life.Building shall include roads, bridges, and culverts.
3. Plant, Machinery & Equipment	Included under this Sub-head wouldbe items like:- Earth moving Machinery- Boilers- Furnaces- Generators- Dyes/Mould- Machinery used for specificindustry/services like Building contractors, inhospitals/clinics, processing units, hydraulic works (includingpipelines), Tool rooms- Other items used formanufacture/processing etc.Separate Account heads should be maintained in the ledgers andkept reconciled with the Fixed Assets registers. Disclosure ofInformation under the above subheads is encouraged.
4. Vehicles	Included under this sub-head wouldbe items like:- Tractors/Trailers- Trucks, Jeeps and Vans- Motor Cars- Motor Cycles, Scooters, ThreeWheelers and Mopeds- RickshawsSeparate Account heads should be maintained in the ledgers andkept reconciled with the Fixed Assets registers. Disclosure ofInformation under the above sub-heads is encouraged
5. Furniture, Fixtures	Included under the above sub-headwould be items like:(a) Cabinets/Almirahs/Filing Racks(b) Air-conditioners / Airconditioning Plant(c) Air Coolers(d) Water Coolers(e) Tables/Chairs/Sofas/Carpets(f) Wooden partitions/temporarystructures(g) Voltage Stabilizers, UPSSystems(h) Other ItemsSeparate Account heads should be maintained in the ledgers andkept reconciled with the Fixed Assets registers. Disclosure ofInformation under the above subheads is encouraged, for materialamounts.
6. Office Equipment	Included under the above sub-headwould be items like:(a) Typewriters(b) Photocopiers/duplicators(c) Fax MachinesSeparate Account heads should be maintained in the ledgers andkept reconciled with the Fixed Assets registers. Disclosure ofInformation under the above subheads is encouraged, for materialamounts.
7.Computer/ Peripherals	Computers, Printers and theirperipherals like the Floppies, CDs, and Software etc. would theitems under this head.Separate Account heads should be maintained in the ledgers andkept reconciled with the Fixed Assets registers. Disclosure ofInformation under the above subheads is encouraged, for materialamounts.
8. Electric Installation	Include under the above sub-headwould be items like:(a) Electrical Machinery(b) Electric Lights/Fans(c) Switch gear instruments(d) Transformers(e) Electric Wiring and fittingsSeparate Account heads should be maintained in respect ofabove items and kept reconciled with the Fixed Assets registers.Disclosure information under the above sub-heads is encouraged,for material amounts.
9. Library Books	In some cases the number of Library Books could be very largeor there may be an established Library. In such cases these booksmay be disclosed as a separate category of assets. Library bookswill include books/ journals/ information stored in CD ROMs.
10 Tubewells & Water Supply Systems	Tube wells and Water Supply System may be shown as a distinctcategory.
11 Capital Work- Inprogress	Fixed assets in the course of construction should be shownagainst this head till they are ready for their intended use.Plant. Machinery and equipment acquired and pending installationshould also be included here.

Notes - General

1. Fixed Assets are those assets, which are held with the intention of being used for the purpose of producing or providing services and not held for sale in the normal course of trade.

2. Under each sub- head should be shown:

(a)The cost or the valuation as at the beginning of the year.

(b)Additions during the year (both acquisitions and by way of grants).

(c)Deductions (including sales, disposals, write-offs) during the year.

(d)The total cost/valuation as at the year-end.

(e)Depreciation upto the previous year-end,that on addition during the year and the total accumulated depreciation upto the year ends.

(f)The net block of the assets as at the year-end.

3. The accounting policy relating to accounting for fixed assets acquired (including by way of grants or at concessional rates), or constructed should be disclosed along with the method adopted for depreciation/amortization.

4. Where sums have been written up for any assets due to their revaluation, the basis thereof should be disclosed; and every balance sheet after the first balance sheet subsequent to the revaluation should shown the revised figures for a period of five years with the date and amount of revision.

5. Where grants relating to specific fixed assets are received and these are equal to the whole or virtually the whole of the cost of the asset, the fixed assets should be shown in the Balance Sheet at nominal value.

Alternatively, grants related to depreciable fixed assets may be treated as deferred income and recognized in the income and Expenditure Account On a systematic and rational basis over the useful life of such assets i.e. such grants should be allocated to income over the periods and in the proportions in which depreciation is charged. Grants related to nondepreciable assets should be credited to "Capital Reserve" ' unless there are pre-conditions requiring fulfillment.

6. Depreciation

Depreciation shall be provided so as to charge the depreciable amount of a depreciable asset over its useful life.Depreciation is a measure of the wearing out, consumption or other loss of value of a depreciable asset arising from use, effluxion of time or obsolescence through technology and market charges. It includes amortization of assets the useful life of which is determined and depletion of wasting assets.For this purpose:

(a)Depreciable asset means an asset which -

i. is expected to be used during more than one accounting period, andii. Has a limited useful life; andiii. Is held by the entity for use in the production or supply of goods and services, for rental to others, or for administrative purpose and not for the purpose of sale in the ordinary course of its business/operating activities.

(b)Depreciable amount of a depreciable asset means its original cost, or other amount substituted for original cost in the financial statements less the residual value;

(c)Useful life means eitheri.

i. The period over which a depreciable asset is expected to be used by the Entity, orii. The number of production or similar units expected to be obtained from the use of the asset by the Entity.

9 - Investments - From Earmarked/endowment Funds:

1. Government Securities	Includes Central and State Government securities andGovernment Treasury Bills.
	These securities should be shown at cost/book value. However,the difference between such value and market value should begiven in the notes to the Balance Sheet.
2. Other approved Securities	Securities other than Government Securities, treated asapproved securities (such as Trustee securities), should beincluded here.
3. Shares	Investments in shares of companies and Corporations notincluded in item 2 should be included here.
4. Debentures and Bonds	Investments in debentures and bonds of companies andcorporations not included in item 2 should be included here.
5. Subsidiaries and /or joint ventures	Investments in subsidiaries/associate entities should beincluded here. An entity shall be treated as a subsidiary orjoint venture, if the entity exercises control over thecomposition of management/governing body, with or without anyfinancial investment there in.
	An entity will be considered as subsidiary for the purpose ofthis classification if more than 25% of the corpus of that entityis held by the entity as at the beginning of the year.
6. Others(to be specified)	Includes residual investments, if any, like commercial paper,investments (to be specified) in Mutual Funds and otherinstruments not being in the nature of shares/debentures/bonds.Investments in Properties, if any, would also be included here.

Notes- General

1. The Gross value in aggregate, the depreciation in aggregate and net value of Investments are to be separately disclosed. Approved securities [covered by 1 and 2 above] are required to be bifurcated into "permanent" and "current" categories for valuation and determination of shortfall in value.

2. (a) Investments can either be "Long term " or "Permanent " or "Current".

(b)"Current Investment" means an investment, which is by its very nature, readily realizable and is intended to be held for not more then one year from the date on which it is made. Such investments should be shown at lower of cost or their fair value, which shall be determined on individual investment basis and the shortfall shall be provided, while appreciation shall be ignored.

(c)Long term investments are those investments, which are other than current investments, and these are intended to be held for the purposes of Capital appreciation and yield. Such investments are held at cost and shall be reduced when there is a decline, other than temporary, in their value-reduction being made for each investment.

3. Investments held against earmarked/endowment funds need to be separately disclosed.

4. Investments in properties, if held, shall be shown at cost less depreciation in the same manner as in the case of fixed assets.

5. The entity shall disclose the Accounting Policy in relation to investments, their cost, depreciation and carrying value- both for long term & current investments.

6. Any premium paid on acquisition of permanent investments shall be amortized on a time proportion basis upto the date of their maturity. Discount on Acquisition shall not be amortized.

7. Matured investments, not realized may be separately disclosed.

10 - Investments - Others:

1. Government Securities	Includes Central and State Government securities andGovernment Treasury Bills.
	These securities should be shown at cost/book value. However,the difference between such value and market value should begiven in the notes to the Balance Sheet.
2. Other approved Securities	Securities other than Government Securities, treated asapproved securities (such as Trustee securities), should beincluded here.
3. Shares	Investments in shares of companies and corporations notincluded in item 2 should be included here.
4. Debentures and Bonds	Investments in debentures and bonds of Companies andCorporations not included in item 2 should be included here.
5. Subsidiaries and / joint ventures	Investments in subsidiaries/associate entities should beincluded here. An entity shall be treated as a subsidiary orjoint venture, if the entity exercises control over thecomposition of management/governing body, with or without anyfinancial investment there in.
	An entity will be considered as subsidiary for the purpose ofthis classification if more than 25% of the corpus of that isheld by the entity as at the beginning of the year.
6. Others	Includes residual investments, if any, like commercial paper,investments (to be specified) in Mutual Funds and otherinstruments not being in the nature of shares/debentures/bonds.Investments in properties, if any, would also be included here.

Notes- General

1. The gross value in aggregate, the depreciation in aggregate and net value of investments are to be separately disclosed. Approved securities [covered by 1 and 2 above] are required to be bifurcated into "permanent" and "current" categories for valuation and determination of shortfall in value.

2. a) Investments can either be "Long term " or "Permanent" or "Current".

(b)"Current Investments" means an investment, which is by, is very nature, readily realizable and is intended to be held for not more than one-year form the date on which it is made. Such investments should be shown at lower of cost or their fair value, which shall be determined on individual investment basis and the shortfall shall be on provided, while appreciation shall be ignored.

(c)Long term investments are those, which are other than current investment, and these are intended to be held for the purposes of capital appreciation and yield. Such investments are held at cost and shall be reduced when there is a decline, other than temporary, in their value-reduction being made for each Investment.

3. Investments held against earmarked/endowment funds are disclosed in Schedule 9.

4. Investments in properties, if held, shall be shown at cost less depreciation in the same manner as in the case of fixed assets.

5. The entity shall disclose the Accounting Policy in relation to investments, their cost, depreciation and carrying value- both for long term & current investments.

6. Any premium paid on acquisition of permanent investments shall be amortized on a time proportion basis upto the date of their maturity. Discount on Acquisition shall not be amortized.

7. Matured investments, not realized may be separately disclosed.

11 - Current Assets, Loans, Advances, Etc.

A. Current Assets:
1. Inventories:(a) Stores and Spares(b) LooseTools(c) Stock-in-trade- Finished Goods-Work-in-progress- Raw Materials	Inventories comprise tangibleproperty held for sale in the ordinary course of business, or inthe process of production for such sales, or for consumption inthe production of goods or services for sale, includingmaintenance supplies and consumables other than machinery partsBasis of valuation of inventoriesshould be disclosedFinished goods would include goodspurchased/ produced and lying in hand at all locations of theentity.Raw materials would also include parts or components used orconsumed in the progress of production of goods for sale.
2. Sundry Debtors:(a) Debts Outstanding for a periodexceeding six months(b) Others	Debtors comprise persons from whom amounts are due for goodssold or service rendered or in respect of contractualobligations.Debts considered good for recovery and thoseconsidered doubtful shall be shown separately. Provisions fordoubtful debts, if made, should be shown as a reduction from theamount of debts considered doubtful.
3. Cash balances in hand: (Including cheques/drafts andimprest)
4. Bank Balances:(a) WithScheduled Banks- On Current Accounts- On Deposit Accounts(Includes margin money)- On Saving Accounts(b) With Non- Schedule Banks- On Current Accounts- On Deposit Accounts- On Saving Accounts	Amounts held, as bank balancesagainst earmarked/endowment funds should be separately disclosed.Where any deposit accounts arepledged or charged as security or are encumbered, the fact shouldbe disclosed.Overdue/Matured Deposits should be separately disclosed.
5. Post Office – Saving Accounts:
B. Loans, Advances and Other Assets:
1. Loans:(a) Staff(b) Other Entities engaged inactivities/Objectives similar to that of the Entity(c) Others (specify)	Loans and advances as areconsidered good & recoverable should be disclosed. Doubtfulamounts, if any, should be stated under each sub- head, andprovision, if made, should be shown as a reduction therefrom.Interest accrued on interest bearing staff loans shouldbe accounted notwithstanding that actual recoveries of interestmight commence after repayment of principal.Irrevocable grants/subsidies/donation to such entities shallnot be included here. If interest –bearing, the amount ofinterest earned up to the year-end should be adjusted.
2. Advances and other amountsrecoverable in cash or in kind or for value to be received:(a) On Capital Account(b) Prepayments(c) Others3. Income Accrued:(a) On Investments fromEarmarked/Endowment Funds(b) On Investments – Others(c) On Loans and Advances(d) Others (includes income dueunrealized -Rs)4. Claims Receivable:	Advances to suppliers/contractorsfor capital works should be shown against this sub-head.This includes prepaid expenses.This would comprise receivablesother than the debtors.Both ‘Incomeaccrued and due’ and ‘Income accrued but not due’upto the yearend should be included under this head.Income on Investment fromEarmarked/ Endowment Funds and that on Other Investment should beshown separately.If uncertainty attaches to realization orultimate collection, income should not be recognized, and ifrecognized, should be provided for.Dividends should berecognized based on the date(s) of their declaration.Separate disclosure should be made in respect of Incomeaccrued, due but not realized.Only claims, which areconsidered good and realizable, should be included.

12 - Income From Sales/services

Income From Sales:
1. Income from sales(a) Sale of Finished Goods(b)Sale of Raw Material(c) Sale of Scraps	Sales comprise the aggregate amount for which sales areaffected. These would be shown net of trade discounts, rebate andreturns.Sales are complete when significant risks andrewards of ownership get transferred from the seller to thebuyer, irrespective of the time of payment or delivery of thegoods.Disclosure of export sales should be made separately.
2. Income from Services(a) Labour and ProcessingCharges(b) Professional/Consultancy Services(c) Agency Commission and Brokerage(d) Maintenance Services(Equipment/property(e) Others (Specify)	Income must be shown at grossfigures and tax deducted at source should be indicatedseparately.Labour and Processing charges realizable forprocessing/ fabrication of goods/materials of other entitiesshould be disclosed against this sub-head.Consultancy charges and fee forrendition of Professional services by the entity should beincluded under this sub head.Where the Entity acts as a brokeror agent for arranging supply of goods/ services of others, i.e.without acting on a principal to principal basis, the commissionand brokerage income earned would be shown against this sub-headWhere the Entity undertakes maintenance contracts forequipment or property etc., the income earned up to the ear-endfrom this source should be included under this sub-head.

13 - Grants/subsidies:

(Irrevocable Grants & Subsidies Received)

(1) Central Government(2) State Government(s)(3) Government Agencies(4) Institutions/ Welfare Bodies(5) International Organizations(6) Others (specify)

Grants Subsidies or other similarassistance received for the general purpose and objectives of theEntity, on an irrevocable basis, or to cover expenditure incurredin prior periods shall be included in this Schedule.These grants etc. are without anyconditions attached as to their utilization and are of the natureof non- refundable amounts, which are to be appropriated toincome.The gross receipts shall be shown against each sub-head,and grants/subsidies which are given in turn to otherinstitution/organizations on irrevocable basis, as expenditureshould be considered in Schedule 22.

14 - Fees/subscriptions:

(1) Entrance fees(2) Annual fees/subscriptions(3) Seminar/program fees(4) Consultancy fees:(5) Others (specify)

Accounting policies on each itemwill have to be disclosed.In case the fees like entrance fee,subscriptions etc. are in the nature of capital receipts, suchamount should go to the Corpus/Capital Fund. Otherwise such feeswill be incorporated in this schedule.In case the major activities of theentity are to organize seminar/workshop and/ or provideconsultancy services, such income should form part of theSchedule 12.The gross receipts should be shown here. Expenditure incurredon seminar/ workshops, consultancy etc. should be shown as ‘otheradministrative expenses’ in the schedule 21.

15 - Income From Investments:

(1) Interest	1. Income form investments shall be disclosed at gross figuresand tax deducted at source is to be stated separately.
(a) On Government Securities
(b) Other Bonds/Debentures	2. Interest on Govt. securities shall comprise
2) Dividends:	(a) Interest earned at coupon rate upto the last applicabledate of interest, i.e. interest accrued & due; and
(a) On shares	(b) Interest accrued thereafter upto the year-end at thecoupon rate.
(b) On mutual fund securities	3. Income on bonds and debentures would include discountaccrued upto the year-end on bonds issued at a discount, to beredeemed at par or on premium, based on the terms of their issue.
(3) Rents
(4) Others (Specify)	4. Dividends shall be accrued, based on the dates ofdeclaration thereof i.e. when the entity has a right to receivethe same.
	5. Rent shall be shown as income on investments on properties,if any.
	6. Interest claimed on overdue/matured investments shall notbe recognized unless pre-conditions for such recognition aresatisfied.
	7. Distinction should be made in respect of income oninvestments:
	(a) Owned by the entity; and
	(b) Those held against earmarked/endowment funds
	8. At the year- end total of the income on investment fromearmarked/ endowment funds should be transferred to the fundsthrough schedule 13.

16 - Income From Royalty, Publication Etc:

(1) Income from Royalty	Accounting policies on each item will have to be disclosed.
(2) Income from Publications	In case the major activities of the entity are to publishbooks, journals, documents etc., such income should form part ofthe Schedule 12.
(3) Others (Specify)	The gross receipts should be shown here. Expenditure incurredon publication etc. should be shown as ‘otheradministrative expenses’ in the schedule 21.

17 - Interest Earned:

1. On Term Deposits:	1. Interest income earned should be shown at gross figures andtax deducted at source is to be stated separately.
(a) WithScheduled Banks
(b) WithNon-Scheduled Banks
(c) WithInstitutions
(d) Others
2. On Savings Accounts:	2. Distinction should be made in respect of Iicome;
(a) WithScheduled Banks	(a) on assets owned by the entity; and
(b) WithNon-Scheduled Banks	(b) those held against earmarked/endowment fund;
(c) PostOffice Savings Accounts
(d) Others
3. On Loans:
(a)Employees/Staff
(b) Others
4. Interest on Debtors & Other Receivables

18 - Other Income:

1. Profit on Sale/disposal of Assets	Sales proceeds/realization, net of the book value of theassets shall, if a surplus, be included under sub-head.
(a) Ownedassets
(b) Assetsacquired out of Grants or received free of cost.
2. Export Incentives realized	Export incentives claimed and not realized upto the year –endshall be included in Income.
3. Fees for Miscellaneous Services	Items of material amounts included in Miscellaneous Incomeshould be separately disclosed.
4. Miscellaneous Income

19- Increase/(Decrease) In Stock of Finished Goods & Work-In-Progress:

(a) Closing stock	Accounting policies regarding valuation of stock should bedeclared.
- FinishedGoods
- Work- in-Progress
(b) Less: Opening Stock
- FinishedGoods
-Work-in-Process

20- Establishment Expenses:

(a) Salaries and Wages	The gross expenditure against each head including in respectof staff on deputation should be disclosed.
(b) Allowances and Bonus
(c) Contribution to Provident Fund	Statutory obligations of the entity towards provident fund,Employees’ state insurance, retirement benefits etc. shouldbe disclosed clearly and item-wise.
(d) Contribution to Other Fund (specify)	In case of recoveries like fines, penalties etc. the sameshould not be deducted for the expense heads but included under‘Other Income’ in the Schedule 18.
(e) Staff Welfare Expenses
(f) Expenses on Employees’ retirement and terminalbenefits
(g) Others (specify)

Notes - GeneralPrior period items:Prior period and extraordinary items shall be separately disclosed so that the effect thereof on the net expenditure for the year is known.

21- Other Administrative Expenses, Etc.

(a) Purchases*	The gross expenditure against each head should be disclosed.
(b) Labour and processing expenses	In case of recoveries e.g. rent recoveries, freight chargesrecovered, fines, penalties, damages from suppliers etc., theamount of such recoveries should not be deducted from theexpenses heads but included under Schedule 16-"OtherIncome".
(c) Cartage and Carriage Inwards
(d) Electricity and Power
(e) Water charges	Prior period and extraordinary Items shall be separatelydisclosed so that the effect thereof on the net expenditure forthe year is known.
(f) Insurance
(g) Repairs and maintenance	The list of heads is not exhaustive but illustrative. As faras possible only these heads of accounts should be used unlessthere is compelling reasons to add or delete any of these heads.
(h) Excise Duty
(i) Rent, Rates and Taxes	* Purchase should be segregated between raw materials andstores for manufacture and for finished goods traded in. In caseof manufacturing entities, 'Consumption of Raw Materials' and'Stores' may be given instead of Purchases'.
(j) Vehicles running and maintenance
(k) Postage, telephone and communication charges
(l) Printing and stationary
(m) Traveling and conveyance Expenses:
(n) Expenses on seminar/workshops
(o) Subscription expenses
(p) Expenses on fees
(q) Auditors remuneration
(r) Hospitability expenses
(s) Professional charges
(t) Provision for bad and doubtful debts/advances
(u) Irrecoverable balances Wwitten off
(v) Packing charges
(w) Freight and forwarding Eepenses
(x) Distribution expenses
(y) Advertisement and publicity
(z) Others (specify)

22- Expenditure On Grants, Subsidies, Etc.

(a) Grants given to Institutions/Organizations	Grants, subsidies or other similar assistance given to theInstitutions/Organizations for general purposes and objectives ofthe Entity, on an irrevocable basis, shall be included in thisSchedule.
(b) Subsidies given to Institutions /Organizations:	Name of the Institutions/Organizations, their activities alongwith the amounts in each case should be disclosed.
	These grants etc. are with or without any conditions attachedas to their utilization and are of the nature of non-refundableamounts which are to be appropriated as expenditure.
	The gross receipts shown against each sub-head in the Schedule13,could be the source of these Grants/subsidies that are given,in turn to other institutions/ organizations on irrevocablebasis.
	The gross expenditure against each head should be disclosed.

23- Interest:

(a) On fixed loans	1. Interest would include commitment charges.
(b) On other loans (including bank charges)	2. Fixed loans are loans, which are for fixed period, liketerm loans.
(c) Others (specify)	3. Expenditure by way of interest as per Schedule 23 is theminimum disclosure requirement. The entity should be encouragedto disclose interest expended based on the sources of loans andborrowings as per the heads in Schedules 4 and 5.

25- Contingent Liabilities and Notes on Accounts:

A. Contingent Liabilities
1. Claims against the entity not acknowledged as debts	----
2. Liability for partly paid investments	Liability on partly paid shares, debentures etc. is requiredto be stated.
3. Liability on account of outstanding forward exchangecontracts	Amount of outstanding forward exchange contracts at theexchange rates applicable as at the year-end should be stated.
4. Guarantees and letters of credit outstanding:	Liability towards guarantees given by the entity or on itsbehalf and letter of credits outstanding as at the year-end arerequired to be disclosed.
5. Bills discounted	Bills discounted outstanding as at the year-end to bedisclosed.
6. Other items for which the entity is contingently liable	Included here would be disputed statutory and otherdemands/claims, Bills rediscounted, commitments under-writingcontracts and other items for which the entity is contingentlyliable.
B. Notes On Accounts
1. Commitments on capital Account not provided for	This would arise in terms of contracts/arrangements in termsof which amounts would have to provided for be paid foracquisition/construction of assets. The amount, net of advancesis required to be disclosed.
2. Others Notes

IV

Form of Statement of Receipts and Payments[See rule 4(2)]Name of Entity : Joint Electricity Regulatory Commission for the State of Goa and Union TerritoriesReceipts and Payments for The Period /year Ended_________________________(Amount -Rs)

Receipts	Current Year	Previous Year	Payments	Current Year	Previous Year
1.Opening Balances			1. Expenses
(a) Cash in hand	(a) Establishment Expenses (corresponding to Schedule 20)
(b) Bank Balances
(i) In current accounts
(ii) In deposit accounts	(b) Administrative Expenses (corresponding to Schedule 21)
(iii) Savings accounts
II. Grants Received	II. Payments made against funds for various projects
(a) From Government of India	(Name of the fund or project should be shown along with theparticulars of payments made for each project)
(b) From State Government
(c) From other sources (details) (Grants for capital &revenueexp. To be shown separately).
III. Income on Investments from	III. Investments and deposits made
(a) Earmarked/Endow. Funds	(a) Out of Earmarked/Endowment funds
(b) Own Funds (Other Investment)	(b) Out of Own Funds (Investments-Others)
IV. Interest Received	IV. Expenditure on Fixed Assets & Capital Work-in-Progress
(a) On Bank deposits	(a) Purchase of Fixed Assets
(b) Loans, Advances etc.	(b) Expenditure on Capital Work-in-progress
V. Other Incom (Specify)
VI. Amount Borrowed
VII. Any other receipts (give details)	V. Refund of Surplus money/Loans
	(a) To the Government of India
	(b) To the state Government
	(c) To other providers of Funds
	VI. Finance Charges (Interest)
	VII. Other Payments (Specify)
	VIII. Closing Balances
	(a)Cash in hand.
	(b)Bank Balances.
	(i) In current accounts
	(ii) In deposit account
	(iii) Savings accounts.
Total	Total

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